Mary leases the premises in which she conducts her accountancy business from John. She entered into the lease in 2015. The period of the lease is 20 years. She pays €10,000 in rent each year.
Her business is doing well and she needs to move to a bigger premises. Tom agrees to pay Mary market value, that is, €20,000 to take over the lease.
The instrument (usually called a Deed of Assignment) to transfer the lease is executed on 2 February 2019. Tom pays Stamp Duty on this Deed. He pays Stamp Duty on €20,000. The Stamp Duty rate is the rate applicable to transfers of non-residential property.
Once the lease is assigned to Tom, Tom takes over all the obligations in the lease, for example, to pay rent to the landlord.